California-based Hanmi Bank recently raised the rates on its two Gro CDs: 13-month (2.85% APY) and 15-month (2.95% APY). According to the Bank's Deposit Interest Rates sheet, the stated APYs are available through the Bank’s market area. The minimum opening deposit is $5k of new money, which is defined as “money that is not held at Hanmi Bank.”
The Bank’s Truth-in-Savings product disclosure provides the following details about the Gro CDs.
COMPOUNDING/CREDITING FREQUENCY: Interest is simple interest and will not be compounded. Interest payment will be annually and at maturity.
TRANSACTION LIMITATION: If you withdraw any principal before the maturity date, it will be considered as Early Withdrawal. Your account will be closed.
EARLY WITHDRAWAL PENALTIES: equal to three (3) month’s simple interest of the withdrawal amount.
Headquartered in Los Angeles, Hanmi Bank’s market area includes portions of California, Illinois, New Jersey, New York, Texas, and Virginia.
Opening a CD (or any other type of account) at Hanmi Bank can be done at any of the 42 full-service branches located in California (24), Illinois (5), New Jersey (1), New York (1), Texas, (10), and Virginia (1). All the branch locations are in or near major metropolitan areas.
Hanmi Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.42% (excellent) based on September 30, 2018 data. In the past year, Hanmi Bank has increased its total non-brokered deposits by $155.44 million, an excellent annual growth rate of 3.73%. Please refer to our financial overview of Hanmi Bank (FDIC Certificate # 24170) for more details.
Established in 1982, Hanmi Bank is currently the 23rd largest bank headquartered in California, with more than $5.4 billion in assets. Hanmi Bank became the leader in Korean American banking in 2004 when it acquired its hometown rival, Pacific Union Bank. Ten years later, Hanmi Bank acquired United Central Bank, expanding its market area into Texas. The pending merger with SWNB Bancorp, Inc. and its subsidiary banks was expected to be finalized by the end of 2018. According to an Ecommerce Daily News article,
Hanmi Financial in Los Angeles hit a roadblock in its plan to buy SWNB Bancorp in Houston. The $405 million-asset SWNB failed to secure enough shareholder votes to approve its sale, even though the meeting was delayed by nearly two weeks after Hanmi committed more cash to the deal. The unsuccessful vote has created a standstill between buyer and seller. It is unclear what will happen next.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Hanmi Bank’s 13-month Gro CD APY currently ranks third.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Hanmi Bank’s 15-month Gro CD APY currently ranks third.
The above rates are accurate as of 2/28/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.